When two married people decide to go their separate ways, they go through a court process that restores them to single in the eyes of the law. For older couples, the process has also received the moniker “gray divorce” because more people over 55 are deciding to split.
A gray divorce often happens for a myriad of reasons. While these may include many of the same reasons as those under 55, there are some unique issues that may present themselves in a gray divorce.
Longer marriages mean more assets
Gray divorces occur between couples married for many years. In some cases, these couples may have decades of marital wealth and debt to go through. When divorces happen in this demographic, it means dividing assets becomes trickier. Couples married for many years have gone through child-rearing and may now have a large amount of money tied up in retirement accounts. Separating these may take court intervention if the couple cannot compromise.
Retirement complicates financial division and support
Retirement is something that many people look forward to. Most of these plans do not take into account starting over as a single person. During a gray divorce, there are many issues wrapped up with retirement. Some of these include things such as:
- Social security disbursement
- Spousal support
- Medical insurance coverage
- Ongoing medical care
Divorce is not a process couples plan to go through. Even when children are no longer at issue in a separation, the remaining issues may warrant help in navigating properly.